Frank McCourt, a onetime Los Angeles Dodgers owner maps out $100M to build Blockchain technology for Social Media

Frank McCourt, a onetime Los Angeles Dodgers owner maps out $100M to build Blockchain technology for Social Media

According to Bloomberg, the billionaire, real estate mogul and previous owner of LA Dodgers Frank McCourt, is putting in $100M to build a database of the social media connections of people that the public can have access to.

This project which has been termed ‘Project Liberty’ will build an internet infrastructure called Decentralized Social Networking Protocol (DSNP) using blockchain. Just as block chain is used to keep record of crypto trading, DSNP will be used to keep records of internet users across platforms.

By spreading out the data of users across social media platforms, it will encourage users behave better knowing that even when they leave one platform for another, their past posts are still known and tied to them.

To construct DSNP, Frank McCourt recruited Braxton Woodham. In allocating the $100M, Frank said he will give $75M to an institute in Georgetown University and Sciences Po in Paris, to be used to carry out research for the technology. $25M will then be used  to coax entrepreneurs to make services that are based on DSNP.

McCourt believes this new technology will help redistribute power among more people  instead of having it rest only within a select few.

Blockchain technology has been reportedly used by some companies and in some projects on social media. Jack Dorsey, Twitter’s CEO has announced that they will adopt Bitcoin’s Lightening Network side chain for Twitter or BlueSky.

The social media project Voice was launched last year and it was done under the blockchain platform EOSIO. Also, a former employee at Gold Sachs and a Professor at Yale wanted to make a Facebook rival that is blockchain based called Revolution Populi.


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